Stocks and Precious Metals Charts - More Corrupt than Courageous: The Silence of the Lambs

 

"Congress shall make no law...abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."

Constitution of the United States, Amendment I

"Representative institutions no longer represent voters.  Instead, they have been short-circuited, steadily corrupted by an institutionalized system of bribery that renders them responsive to powerful interest groups whose constituencies are the major corporations and wealthiest Americans.  The courts, in turn, when they are not increasingly handmaidens of corporate power, are consistently deferential to the claims of national security."

Sheldon Wolin, Democracy Incorporated: Inverted Totalitarianism, April 2008

"Intellectual freedom is essential — freedom to obtain and distribute information, freedom for open-minded and unfearing debate and freedom from pressure by officialdom and prejudices. Such freedom of thought is the only guarantee against an infection of people by mass myths, which, in the hands of treacherous hypocrites and demagogues, can be transformed into bloody dictatorship."

Andrei Sakharov, Reflections on Progress, Peaceful Coexistence, and Intellectual Freedom, July 22, 1968

"The schools would fail through their silence, the Church through its forgiveness, and the home through the denial and silence of the parents.  The new generation has to hear what the older generation refuses to tell it."

Simon Wiesenthal, Introduction: The Sunflower, Paris, 1969

"When I was suddenly catapulted into the leadership of the bus protest in Montgomery, Alabama, a few years ago, I felt we would be supported by the white church. I felt that the white ministers, priests and rabbis of the South would be among our strongest allies. Instead, some have been outright opponents, refusing to understand the freedom movement and misrepresenting its leaders; all too many others have been more cautious than courageous and have remained silent behind the anesthetizing security of stained glass windows."

Martin Luther King, Letter from a Birmingham Jail, August 1963

"There is nothing so threatening to systemic evil as those willing to stand against it regardless of the consequences. It’s unbelievable— or we’re supposed to think it is— that a president was murdered by our own government agencies because he was seeking a more stable peace than relying on nuclear weapons. It’s unspeakable. Our collective denial of the obvious, in the setting up of Oswald and his transparent silencing by Ruby, made possible the Dallas cover-up. The success of the cover-up was the indispensable foundation for the subsequent murders of Malcolm X, Martin Luther King, and Robert Kennedy by the same forces at work in our government—and in ourselves. The unspeakable is not far away."

James Douglass, JFK and the Unspeakable, Maryknoll, 2008


I always thought that there would be a strong movement for the suppression of speech in the aftermath of these market bubbles, and the rising tyranny of a powerful few that would impose on the freedoms of the many, with increasing force and fraud.

The only example in my own memory that occurs is the McCarthy era, in which the threat of being labeled a 'communist' terrified otherwise people of conscience into silence in the face of the abuse of power and the Constitution.

But I never saw it coming as it is upon us now, wrapped in the guise of civility and the 'cancel culture'  wrapped around the iron heel of big Money.  The irony and shamelessness of its hypocrisy is astonishing. 

 Stocks did their usual pop and flop again today, as Wall Street breathlessly awaiting the Nvidia numbers after the bell.   They hope to be able to keep the tech bubble alive with AI.

The Dollar drifted higher.

Gold and silver were slammed hard, as the expected follow up to the recent Comex option expiration.

But they managed to come back and provide a decent showing as the shenanigans were only for the morning's entertainment.

I am pretty convinced we have been shocked into accepting, in silence, the outrageous assault on freedoms that form the basis of the American republic in favor of a wealthy few.

Have a pleasant evening.

 

Stocks and Precious Metals Charts - Tender Mercies

 

"We pray for the big things, and forget to give thanks for the ordinary, small (and yet really not so small) blessings.”

Dietrich Bonhoeffer

"We must live in sunshine, even when we sorrow; we must live in God's presence, we must not shut ourselves up in our own hearts, even when we are reckoning up our past sins. As many as are our sins, His grace is greater.  He counts our sins, and, as He counts, so can He forgive; for that reckoning, great though it be, comes to an end; but His mercies fail not, and His Son's merits are infinite."

John Henry Newman, Present Blewwings, Parochial and Plain Sermons, Vol 5, Sermon 19

“Man has places in his heart which do not yet exist, and into them enters suffering, in order that they may have life.”

Léon Bloy, The Pilgrim of the Absolute

"There are times when we fall to our knees and thank God for all His blessings and tender mercies.

And there are other times when we arrogantly refuse to bend or bow, and to defer to anything but ourselves, in complacent pride.  And then God brings us to our knees, to remind us of who we are, and how to be grateful for what we have been given.

Please remember to feed the least of His creatures, the birds and animals, and of course His children.  It is our duty and joy and freedom to lessen the troubles of others, out of acceptance and thankfulness for His love, of those who are unworthy, like us."

Jesse, Loving Kindness and Tender Mercies, 27 November 2024

"Let no man pull you so low as to hate him."

Martin Luther King, A Knock at Midnight, 11 February 1962

"Show me your ways, O Lord,
       and instruct me on your paths.
  Lead me in your truth, and teach me:
       for you are the God of my salvation; and I wait for you all the day.
  Remember, O Lord, your tender mercies and loving kindness,
       as they have always been of old."

Psalm 25:4-6


As previously mentioned, several times, today was a futures contract option expiration for  precious metals on the Comex.

And as is customary, the metals were slammed down hard, if for no other reason to skin those who trade their option markets.

The Dollar fell.

Bitcoin finally teetered and fell off its support.  It did come back a little bit, but is still off its recent trading range.

At some point this could begin a cascade decline as those who are leveraging up on BTC with debt start having to liquidate their holdings.  It's hard to say.

Stocks were clocked again in continuation selling.

That did not help BTC at all because it is a risk asset.

Stocks fell to must hold support and bounced back a bit, but it was not a robust finish.

The geopolitical risks are still screaming out loud, even though Trump seems to be backing off the Deep State's fetish of provoking Russia. 

Let's see how the rest of the week goes.

As you know those happy few who ended up holding new contracts in the metals futures will often get a followup gut check to make sure their hands are strong.

The injustice of the US financial system is endemic, making it rotten to the core.  I don't see anything that is going to make it better anytime soon.

The oligarchs have the Dollar and its support systems firmly in hand. 

Truly, only God is good.   And they have nothing to do with Him, serving the darkness in themselves.

Have a pleasant evening.

 

Stocks and Precious Metals Charts - A Requiem for the Exceptional

 

“The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true.  It really happened. These suspicions are valid.”

Gretchen Morgenson, Neil Barofsky: Into the Bailout Buzzsaw, July 21, 2012

“Every record has been destroyed or falsified, every book rewritten, every picture has been repainted, every statue and street building has been renamed, every date has been altered. And the process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right.”

George Orwell, 1984

"I was told point blank by Assistant Secretary of the Treasury, 'Neil, you're a smart guy. You're a young guy. You're a talented guy. You got your whole future in front of you. You've got a young family that's starting out.  But you're doing yourself real harm.'  And he told me that if I wanted to get a job out on the Street afterwards, it was going to really be hard for me.

And I explained to him that I wasn't really interested in that. And he said, 'Well, maybe a judgeship. Maybe an appointment from the Obama administration for a federal judgeship.  If all you do is soften your tone, be a little bit more upbeat, all this stuff can happen for you.'

When I had my incident with the assistant secretary that my deputy, another former federal prosecutor, who did narcotics work, said to me, 'Neil, you were just offered the bullet or the bribe, the gold or the lead.'  And what he was referring to was a society just like that, which was Colombia, back in the day when Pablo Escobar and the drug kingpins really controlled society. 

And in some ways, it creates this false illusion that there are people out there looking out for the interest of taxpayers, the checks and balances that are built into the system are operational, when in fact they're not. And what you're going to see and what we are seeing is a breakdown of those governmental institutions. And you'll see governments that continue to have policies that feed the interests of — and I don't want to get clichéd, but the one percent or the .1 percent — to the detriment of everyone else."

Neil Barofsky, Moyers & Company, 2012

"Indeed, one can be deceived in many ways; one can be deceived in believing what is untrue, but on the other hand, one is also deceived in not believing what is true."

Søren Kierkegaard, Kjerlighedens Gjerninger, SKS vol.9, 1847

"Over the past 30 years the plutocrats have used their vastly increased wealth to capture the flag and assure the government does their bidding.   This marriage of money and politics has produced an America of gross inequality at the top and low social mobility at the bottom, with little but anxiety and dread in between, as middle class Americans feel the ground falling out from under their feet.   Millions of Americans have awakened to a sobering reality: they live in a plutocracy, where they are disposable.   Once again the fate and character of our country are up for grabs.  Democracy only works when we claim it as our own."

Bill Moyers, Bill Moyers Journal, 30 April 2010


There will be a Comex futures contract option expiration for the precious metals tomorrow. 

Gold is being stopped dead at the overhead resistance.  

If it does break through that move might contain some energy.

Silver is weighed down a  bit by the big decline in the NDX.

Speaking of the NDX, it set a lower low today, and went out there, which is not constructive for those of the bullish persuasion.

The SP 500 managed to hold up.  I have marked the key support in green on the chart.  It if breaks that then run, bully, run!

Bitcoin had a bit of a problem getting out of its own way today, despite the big new buy from the true believers favorite strategy stock.

The mainstream media is starting to take note of the big international flows of gold bullion, and its recent price increase.  

Perhaps something significant is happening, or rather has been happening, and it is only now being noticed.

The US seems to think it does not need anyone else these days.  That is fine when you are riding high.  But if you stumble, there will be plenty of people all too glad to kick you on the way down.

How are the mighty fallen, and their weapons of war have perished.

I have spent the last couple of hours watching a guy in upstate NY on Youtube doing work on a cabin in the Adirondacks, and pretty gnarly repairs on an old skidsteer.   These are some of my favorite videos.  I may be an old dog, but I still like to watch the hunt, even from the porch.

It's the little things that make life worth living.

Have a pleasant evening.

Stocks and Precious Metals Charts - Ghouls of Wall Street

 

"Now we remember that it was Bill Clinton's administration that deregulated derivatives, deregulated telecom, and put our country's only strong banking laws in the grave. He's the one who rammed the North America Free Trade Agreement (NAFTA) through congress.  Mass incarceration and the repeal of welfare, two of Clinton's other major achievements, are the pillars of the disciplinary state that has made life so miserable for Americans in the lower reaches of society.  He would have put a huge dent in Social Security too, had the Monica Lewinsky sex scandal not stopped him.  If we take inequality as our measure, the Clinton administration looks not heroic but odious."

Thomas Frank, Rendezvous With Oblivion, 1 September 2006

"In 1999, on signing Gramm-Leach-Bliley into law, Clinton said, 'This is a day we can celebrate as an American day' and that 'the Glass-Steagall law is no longer appropriate for the economy in which we live' and 'today what we are doing is modernizing the financial services industry, tearing down these antiquated laws and granting banks significant new authority' and 'This is a very good day for the United States.'"

Columbia Journalism Review, Bill Clinton on Deregulation

"I think Bill Clinton was the pivotal figure of our times. Before he came along, the market-based reforms of Reaganism were controversial; after Clinton, they were accepted consensus wisdom. Clinton was the leader of the group that promised to end the Democrats’ old-style Rooseveltian politics, that hoped to make the Democrats into a party of white-collar winners, and he actually pulled that revolution off. He completed the Reagan agenda in a way the Republicans could not have dreamed of doing—signing trade agreements, deregulating Wall Street, getting the balanced budget, the ’94 crime bill, welfare reform. He almost got Social Security partially privatized, too. A near miss [Miss Lewinsky that is] on that one.

He remade our party of the left (such as it is) so that it was no longer really identified with the economic fortunes of working people. Instead it was about highly educated professional-class winners, people whose good fortunes the Clintonized Democratic Party now regarded as a reflection of their merit. Now it was possible for the Democratic Party to reach out to Wall Street, to Silicon Valley, and so on. This was something relatively new for a left party in the industrialized world, and it was quickly adopted by other left parties in other countries, most notably 'New Labour' in the UK. Unfortunately, this strategy has little to offer the people who used to be the Democratic Party’s main constituents except scolding. It merely assumes that they have, as the ’90s saying went, nowhere else to go."

Seymour Hersh, Ordinary People By the Millions, July 13, 2023

"There is no Republican Party.   There is no Democratic Party.  You are lick-spittles and panderers, the creatures of the Plutocracy.”

Jack London, The Iron Heel, 1907

"What is the Democratic Party’s former constituency of labor and progressive reformers to do? Are they to stand by and let the party be captured in Hillary’s wake by Robert Rubin’s Goldman Sachs-Citigroup gang that backed her and Obama?   The 2016 election sounded the death knell for the identity politics. This strategy to distract voters from economic policies has obviously failed.

This election showed that voters have a sense of when they’re being lied to. After eight years of Obama’s demagogy, pretending to support the people but delivering his constituency to his financial backers on Wall Street. 'Identity politics' has given way to the stronger force of economic distress. Mobilizing identity politics behind a Wall Street program will no longer work."

Michael Hudson, Break Up the Democratic Party, November 2016


Gold and silver meandered around, and were pressed down below upper resistance for small losses.

The Dollar chopped sideways.

VIX climbed quite a bit from its recent complacency.

Stocks were hammered.   And they went out near the lows.

And so it was for today's stock option expiration.

The Banks will struggle, and the political class will try to muddle through.

One of the things that comforts me in my old age is that I never voted for either of the Clintons.  Obama once.  I was fooled along with many that he was a reformer, a belief of which he quickly relieved us with his economic and financial actions and appointments.

I have never voted for Trump.  And not for Biden either, for what I hope are obvious reasons.  You could say that my votes are 'wasted.'  Unlike the world, nothing is wasted in God's economy.

But I am very glad that Trump is seeking an end to that insane conflict in the Ukraine.  It has deep roots in American politics, and it will not go away quietly.   Like so many of our recent wars, its was a source of enrichment for some, and of sorrow for many.

My geopolitical concerns in the Middle East as high.  I think it represents a serious threat to many things that we cherish.

But this is how the world works, from one debacle to another.  I've seen worse.

Need little, want less, love more.  For those who abide in love abide in God, and God in them.

Have a pleasant weekend.